Solana Price has been slowly creeping up over the past few weeks, moving from a minimum of $127 in June to a transaction of more than $200 as of this report. This surge is driven by the advent of new runners on the blockchain, such as moving the useless, Sol towards the coveted $200 market. But there are plenty of questions about how long this rally can last, and whether we can see the bearish scenario coming back below.

Solana prices face pressure from bears

Despite the bullish order of the day, the crypto analysts sounded an alarm of Solana’s bear pressure. The analysis has recently described the rally, which pushed digital assets over $190, as actually a textbook fake.

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The rally surpassed resistance that had increased the price of Solana at $170 and ruled out the rally path to $200. This allows for these high levels of fluidity sweep. But now there is a fault for Altcoin and you can send it back.

Crypto analysts explain that despite Rally, Solana Price is still trading within the upward channel. So this means that the breakout has failed at that point. Such a failure suggests that there is not enough strength to support the price, which is vulnerable to bears.

In response, two bearish scenarios were presented by the analysts. The first is a direct drop to maximum pain level (MPL), which is around $162.30, a key drawback target. However, this is rare as the price is already over $190.

The second most likely scenario is a move to retest the highs before dropping. It also instead forms a lower height before it drops, leading to a sudden decrease. Anyway, that’s the fact that prices drop towards MPL levels, as both roads lead to the same destination.

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Sol Open Interest hits the record level

The surge in prices has caused a rapid increase in interest in Solana, and this Open interest For Altcoin, hit the new all-time best. Open profits are the sum of short and long positions open for the assets, and according to data on the Coinglas website, Solana Open Interest is currently over $10.96 billion to surpass its previous peak of $8.79 billion.

Interestingly, Solana Price is still much lower compared to the last time the open interest reached its new high. This may suggest that some steam may remain before SOL prices start to slow down again.

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Ethereum (ETH) has been struggling around the $2,200 level, with bulls unable to reclaim higher prices despite multiple attempts. The market sentiment remains bearish, as ETH continues to face selling pressure even after Thursday’s announcement of the US Strategic Bitcoin Reserve, which many had expected to boost overall confidence in the crypto sector.

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As ETH hovers near critical demand levels, analysts believe that the next week will be crucial in determining its short-term direction. If bulls can defend key support zones, Ethereum may have a chance to regain momentum. However, failure to hold these levels could lead to further downside pressure.

Top analyst Carl Runefelt shared a technical analysis on X, highlighting that Ethereum is breaking out of a pattern that often signals a potential breakout. If ETH follows this setup, it could push into higher resistance zones and reclaim key price levels above $2,500. However, confirmation of this breakout is needed, as market volatility remains high.

Ethereum Bulls Hope For A Recovery

Ethereum has suffered a steep decline, losing over 50% of its value since late December, triggering fear and panic selling across the market. Once a leader in previous bull cycles, ETH is now struggling to regain momentum, leading many analysts to question whether the long-awaited altseason will happen this year. With Ethereum and most altcoins unable to reclaim bullish structures, the market remains under bearish control, keeping investors cautious.

Despite the negative sentiment, there is still hope for a recovery as Ethereum approaches key technical levels that could determine its next move. Runefelt’s remarks reveal that ETH is breaking above a descending triangle pattern, a setup that often signals a trend reversal. However, confirmation is crucial, as many past breakouts have turned into fakeouts, trapping traders in further downside moves.

For Ethereum to solidify a bullish breakout, it must push above and close above $2,300. This level is a key resistance zone, and flipping it into support would indicate renewed buying strength, potentially opening the door for a push toward $2,500 and higher price targets.

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Until this confirmation happens, Ethereum remains at risk of further declines if sellers regain control. Traders and investors are closely watching whether ETH can maintain its breakout attempt or if it will face another rejection, extending its bearish trend into the coming weeks.

ETH Key Levels To Watch

Ethereum is currently trading above the $2,000 support level, a crucial last line of defense for bulls hoping to see strong performance this year. Holding this level is essential, as a breakdown below $2,000 could trigger further downside, reinforcing bearish sentiment in the market.

Despite this, bulls have struggled to reclaim higher prices, leaving investors frustrated with ETH’s lack of momentum. Recent price action has been choppy and indecisive, with each attempt at a breakout quickly met with selling pressure. This has kept ETH stuck in a tight range, preventing a clear shift in market sentiment.

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However, a decisive reclaim of $2,300 could mark a turning point. If ETH pushes above and holds this level, it would likely open the door for a move toward $2,500, strengthening the case for a recovery rally. Until then, traders remain cautious, as Ethereum’s struggle to gain traction continues to weigh on the broader altcoin market.

Featured image from Dall-E, chart from TradingView